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Frederick County, MD Foreclosures & Short Sales Update - Rev. 8/23/11

By
Industry Observer with Retired

Frederick County, MD Foreclosures & Short Sales Update - Rev. 8/23/11 

There are 1,273 active listings of homes for sale in Frederick County, MD.  43 (3%) of the properties are lender owned foreclosures and 262 (21%) are short sale pre-foreclosures.
 
Mortgage interest rates are very low and there is a good selection of properties at very attractive prices. Those that plan to buy a home within the next couple of years might find that this summer is be best time for the purchase.
 
Special Notice:  If you plan a 2011 purchase in Frederick County, please allow us to set up a custom automatic search for you so you will receive new listings in your price range and preferred locations. Just reply to this email and we will call you to set up your search.
 
Loan Limit Reduction:  The "temporary" mortgage loan limits that are now in place will expire on September 30, 2011.  All loans using the temporary limits must settle on or before September 30th.  For our area, this means that the maximum Conforming and FHA limits will drop from $729,750 to $625,500 for Washington DC, Montgomery County, Prince George's County and Frederick County, Maryland.  The Howard County loan limit will drop to $494,500.
 
RE/MAX Realty Group Preferred Lender:  Joe Salisbury at Presidential Bank Mortgage, joe@presidential.com, 301-590-8911 x 209 is the  Preferred Lender for our office.
 
43 Lender Owned Homes:  
 
 
The mortgage investors that are selling lender owned foreclosures utilize asset managers that handle the transactions.  It is very important to understand the terms of REO contracts.  Many of the properties are sold in "as-is" condition where repairs will not be made.  When buying a "fix-up" property, renovation financing such as the FHA 203(k) program may be needed.  Contracts that are contingent upon the sale of the current home will normally be rejected.
 
262 Short Sale Pre-foreclosures in Frederick County:
 
 
Short Sale Pre-foreclosure transactions require third party approval.  The secured mortgage lenders must approve the sales because the proceeds will be less than the outstanding mortgage obligations.  Home buyers and their buyer agents need to be very selective when considering short sale listings.  It is important to know if the mortgage obligations are in default and the status of any foreclosure actions.   
 
Real Estate Market Statistics for Frederick County, Maryland:  During July, there were 221 closed sales, up 0.45% from last year.  The average sold price was $261,019, down 5.98% from last year, with an average of 111 days on the market.  The median sold price was $235,000, down 4.08% from last year.  The average sold price was 92.1% of the average original list price.  
 
The real estate statistics for the past month may be viewed by clicking on the following link:  http://www.rbintel.com/statistics/frederick-county-md  The statistics are updated on the tenth of the following month.  
 
Free Credit Report:  You have the right to get a FREE COPY of your credit file disclosure, commonly called a credit report, once every 12 months, from each of the nationwide consumer credit reporting companies – EQUIFAX, EXPERIAN and TRANSUNION. For instant access to your FREE CREDIT REPORT, visit www.annualcreditreport.com or call 877-322-8228.
 
All home buyers that plan to use mortgage financing should obtain pre-approval for financing as the first step in the purchase process. The same advice applies to investors. Those without a pre-approval are not considered to be serious purchasers. Please ask for a referral if you do not have an existing relationship with a mortgage lender.

Please contact us with your real estate questions. Your referrals of friends and family members will always be appreciated.

 Blooming for you!

Posted by

Roy Kelley, Retired, Former Associate Broker, RE/MAX Realty Group

Gaithersburg, Maryland  

Show All Comments
Kristine Ginsberg
Elite Staging and Redesign, LLC - Short Hills, NJ
NJ Home Stager

Roy - you are definitely the go-to Realtor with extensive market knowledge in your area. It just demonstrates one more reason why people should be calling you when they are thinking of buying or selling their home in Frederick County, MD.

Aug 23, 2011 05:32 AM
Roy Kelley
Retired - Gaithersburg, MD

Thanks for your comments, Kristine.  It is a time of great opportunity for home buyers in Frederick County, MD.  The home prices are attractive and the mortgage interest rates are the lowest in decades.

 Blooming for Maryland home buyers!

Aug 23, 2011 06:26 AM
Roy Kelley
Retired - Gaithersburg, MD

It is sometimes good to revisit old blogs and reblogs. We might even find some good ideas for new posts.

Mar 14, 2018 07:57 AM
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